Fourth Quarter Trading Update
Q4 AUM increased to US$100.9bn; performance fees of £0.3m in quarter bring full year total to £3.2m.
- AUM US$100.9 billion (prior US$100.5 billion)
- Performance fees Q4 £0.3m
- Performance fees full year £3.2m
- FX movements Q4 US$2.1 billion
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Record plc ("Record" or the "Group"), the specialist currency and asset manager, is pleased to announce its trading update for the three months ended 31 March 2025 ("Q4-2025").
Jan Witte, CEO of Record plc, commented:
"Our core risk management services continue to deliver great outcomes for our clients. AuM remained high with modest outflows and asset movements offset by positive changes in exchange rates. In addition, we recognised another £0.3m of performance fees to bring the total for the year to £3.2m. Our expectations for full year revenues are unchanged.
Currency volatility has been especially high in the first weeks of April and we continue working closely with our clients to manage their hedging programs and ensure they remain well protected.
Looking forward, I am confident that Record is very well positioned: we offer best-in-class risk management solutions at a time of uncertainty, we have a strong balance sheet, and, since we operate an agency model, we take no market or counterparty credit risk ourselves."
Highlights
- AUM increased $0.4 billion to US$100.9 billion with positive changes in exchange rates partially offset by modest outflows and underlying market movements.
- Performance fees of £0.3m crystalised in Q4, bringing performance fees for the full year to £3.2m.
- Average fee rates in the quarter remained broadly unchanged from the previous quarter.
AUM composition
The Group's AUM as at 31 March 2025 totalled US$100.9 billion (31 December 2024: US$100.5 billion).
The composition of and changes in AUM by product were as follows:
| US$ billion | 31 December 2024 | Net flows | FX movements | Asset movements | 31 March 2025 |
|---|---|---|---|---|---|
| Dynamic Hedging | 14.9 | 0.4 | 0.0 | 0.6 | 15.9 |
| Passive Hedging | 64.8 | 0.0 | 1.7 | (1.4) | 65.1 |
| Hedging for Asset Managers | 12.8 | 1.2 | 0.3 | 0.0 | 14.3 |
| FX Alpha | 5.4 | (2.2) | 0.1 | (0.3) | 3.0 |
| EM Debt | 1.0 | (0.1) | 0.0 | 0.1 | 1.0 |
| Custom Solutions | 1.4 | 0.0 | 0.0 | 0.0 | 1.4 |
| Cash & Futures / other | 0.2 | 0.0 | 0.0 | 0.0 | 0.2 |
| Total | 100.5 | (0.7) | 2.1 | (1.0) | 100.9 |
Record will announce its results for the 12 months ended March 31st on 20 June 2025.
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